Representatives Steven Horsford and Max Miller have reintroduced the Digital Asset Protection, Accountability, Regulation, Innovation, Taxation and Yields Act, which seeks to update the US approach to crypto and taxes. This comes as Congress is set to address tax reforms in the coming months, potentially including crypto. The revised bill introduces changes to 'de minimis' gains, which could exempt small transactions from tax reporting.
The industry has long advocated for a de minimis exemption to simplify transactions like buying coffee with crypto. The revised bill also addresses wash sale rules and distinguishes between 'passive staking' and trading activities. While the bill's next steps are uncertain, industry participants expect a strong push to include crypto in any upcoming tax legislation.